U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old Yesterday, 07:05 AM
 
2,245 posts, read 769,699 times
Reputation: 5722

Advertisements

Quote:
Originally Posted by Mister 7 View Post
Yeah, and what's sad is that there are so many people who don't seek help for it. It can be managed for the most part with a good psychiatrist and medication but many people just won't take the necessary steps to get help. I suffer from mental illness and have a huge inheritance coming my way down the line, I will say even if I was full blown certifiably insane I wouldn't be stupid with the money, however.
It's a bit more complex than that. I spent a ton of time on a chat board for significant others of people with Bipolar Disorder when I was married to my Ex. First of all, mental health coverage is a joke in many health insurance plans- I know when I needed talk therapy it was pretty much all out-of-pocket. Maybe that has changed. I can always hope. Second, some mental health issues can't be treated with meds. Even worse, sometimes a mix of meds that's working stops working and they have to adjust it. It's not like antibiotics where you can tell within a couple of days if it's working. The dosage has to be increased or decreased very slowly (it's called "titrating") and you have to wait longer to see the results. A friend who has BPD is going through this now. Finally, it takes great self-awareness to realize that you need the meds to feel "normal"- many people decide after all the meds are working that they feel so good they can "taper off" of them.

My Ex tried meds but didn't like the side effects so he quit taking them.
Reply With Quote Quick reply to this message

 
Old Yesterday, 09:01 AM
 
Location: Kirkland, WA (Metro Seattle)
4,051 posts, read 3,288,510 times
Reputation: 7307
Pardon, OT myself here, policing the thread a little:

- Idjit who inherits money, rags to riches to rags, not really classic R-to-R.

- Slacker who inherits tons then becomes a bum or nearly so, Riches to Rags.

- Sports or other celebrity who earns huge amounts then mismanages to rags, or working Home Depot hauling lumber (good work, but modest pay I mean)...other way.

- I wish I knew a "classic" R-to-R. But I don't. I'm a middle-to-upper-middle, personally, in the most boring way ever: investment, self-control, a little inheritance, having a good role model (my dad, Mr. Frugal).

- I had a friend, past tense, who was poor then inherited $250-400K (dunno exact amount), blew through it in c. 3 years due to being a *complete* Idjit...(though a nice person, to be clear). Boring: riches to rags again. That's as close as I've come, though. And to theme of post just above me, that friend had diagnosed Bi Polar "I think", as she alluded to it a few times...and how the meds "didn't help her" (when obviously the inverse was true). I personally thought more like Borderline Personality Disorder, but I'm not a clinician. In either case, that behavior hastened the end, she was a vagrant on the street in Olympia in 2011 but seems to still be alive and posting on the Internet sometimes to this day, so hope it worked out for her. I can't see how it could have, more than bare sustenance.

Keep 'em coming, all interesting.
Reply With Quote Quick reply to this message
 
Old Yesterday, 09:48 AM
Status: "Disagreeing is not the same thing as trolling." (set 28 days ago)
 
Location: Texas
9,904 posts, read 3,765,276 times
Reputation: 20140
Riches to rags? Now that's interesting. A lot of people on this forum have insisted that poor people are poor because they don't have good values (don't marry, don't know the father of their child, over rely on welfare), and that rich people get rich because they have good values, they work hard, and they are stable.

But if there are people who go from wealthy to being broke, wouldn't that be evidence that not all wealthy people have those supposedly good values and work ethic that people here say they do?
Reply With Quote Quick reply to this message
 
Old Yesterday, 09:54 AM
 
Location: East Coast of the United States
17,380 posts, read 19,643,160 times
Reputation: 13166
Quote:
Originally Posted by PriscillaVanilla View Post
But if there are people who go from wealthy to being broke, wouldn't that be evidence that not all wealthy people have those supposedly good values and work ethic that people here say they do?
Some people win the lottery but they never figure out how to manage their money.

They lose all their money to family, friends, gambling, debts, etc.
Reply With Quote Quick reply to this message
 
Old Yesterday, 10:25 AM
 
2,057 posts, read 1,961,294 times
Reputation: 3482
Quote:
Originally Posted by Mister 7 View Post
I donít understand, literally, why people donít go get financial planners/advisors/CPAs and make their money work for them. Are they dumb? Iíll gladly pay a 1% commission to let a professional manage my money, and make money for me. I have zero shame in admitting that a professional could do a way better job than me managing my money.

My mother doesnít lift a finger and her financial guy has definitely made her money work for her. I donít know the details (not my business) but I do know that once she got her huge inheritance the first thing she did was find the best financial planner in town.

I was in the car with her once and the guy called, she answered on speakerphone and the guy was like, ďHey I moved some things around, it would cost you nothing to pay your ($50,000) car loan off.Ē Must be nice, Mom. Lol. I donít know all the secrets to investing so I would want a professional to manage it.
The professional can't manage money better than a stock index fund and over a decade will take the equivalent of a new car from her to pay for his new car.
Reply With Quote Quick reply to this message
 
Old Yesterday, 10:28 AM
 
2,057 posts, read 1,961,294 times
Reputation: 3482
I don't know him personally but Paul Teutel Sr of American Chopper went from riches to bankruptcy last year.
Reply With Quote Quick reply to this message
 
Old Yesterday, 12:18 PM
 
Location: Tennessee
23,787 posts, read 17,715,323 times
Reputation: 27857
Quote:
Originally Posted by BigCityDreamer View Post
Some people win the lottery but they never figure out how to manage their money.

They lose all their money to family, friends, gambling, debts, etc.
You could simply put in an index fund tracking the S&P 500 and do OK if you're wealthy.

You really have to go on a spending bender to "fail" if the initial capital is large enough.
Reply With Quote Quick reply to this message
 
Old Yesterday, 12:41 PM
 
Location: Knoxville, TN
1,152 posts, read 585,190 times
Reputation: 1620
Quote:
Originally Posted by athena53 View Post
It's a bit more complex than that. I spent a ton of time on a chat board for significant others of people with Bipolar Disorder when I was married to my Ex. First of all, mental health coverage is a joke in many health insurance plans- I know when I needed talk therapy it was pretty much all out-of-pocket. Maybe that has changed. I can always hope. Second, some mental health issues can't be treated with meds. Even worse, sometimes a mix of meds that's working stops working and they have to adjust it. It's not like antibiotics where you can tell within a couple of days if it's working. The dosage has to be increased or decreased very slowly (it's called "titrating") and you have to wait longer to see the results. A friend who has BPD is going through this now. Finally, it takes great self-awareness to realize that you need the meds to feel "normal"- many people decide after all the meds are working that they feel so good they can "taper off" of them.

My Ex tried meds but didn't like the side effects so he quit taking them.
With all due respect, you don't need to tell me about mental illness. I take it from your post that you mostly observe others' problems and how they deal.

I can tell you about mental illness first hand, I've suffered from it for most of my adult life.

First of all, therapy doesn't work. I've seen several, they charge $100 for 45 minutes to just listen to me and write things down. They were both very highly respected psychologists. Total waste of money. I could talk to my husband or family member for free. One of my BFFs is a social worker and she had better advice for me than any therapist I saw did. Even my now retired, nationally renowned psychiatrist said therapy hardly ever works for people.

I do agree with your bolded but I don't really understand that. I've always sought help for my issues and I'm not ashamed of it. If I don't take my meds things get bad fast, and I know I don't want to be in that frame of mind. And I'm not a slobbering zombie; I just take one anti-depressant and one antipsychotic. 2 meds make a world of difference to me.

About your insurance, that is too bad, I'm sorry. A good plan needs to cover mental. Luckily, mine does. I pay $12 to see my psychiatrist every 3-6 months just to check in and see if anything needs to be tweaked.

If you suffer from mental illness, find a good psychiatrist. It's 2019, lots of advances have been made. For the most part, mental illness can be managed with medication under a (competent) doctor's care.

But yes, those who won't help themselves end up suffering the worst. And I understand that mentality, being ashamed/embarrassed/too proud to get help. I just don't feel that way, though.
Reply With Quote Quick reply to this message
 
Old Yesterday, 01:05 PM
 
2,245 posts, read 769,699 times
Reputation: 5722
Quote:
Originally Posted by Mister 7 View Post
If you suffer from mental illness, find a good psychiatrist. It's 2019, lots of advances have been made. For the most part, mental illness can be managed with medication under a (competent) doctor's care.
Thanks for your perspective. You're right- my personal experience has been with talk therapy and I know that all the talk therapy in the world won't restore normal brain chemistry but the right medications can.

This is OT but I wanted to respond.

Quote:
Originally Posted by BigCityDreamer View Post
Some people win the lottery but they never figure out how to manage their money.

They lose all their money to family, friends, gambling, debts, etc.
Many (most?) lottery winners have never had the experience of accumulating money the old-fashioned way- a little here, a little there, some setbacks, some good calls... and now they have more money than they've ever seen in their lives and they think it will last forever and they have so many people they want to help...

I really wish that lottery wins over a certain amount were kept in escrow until the winners completed financial counseling- preferably with someone who had nothing to gain if they chose to invest their winnings.
Reply With Quote Quick reply to this message
 
Old Yesterday, 02:19 PM
Status: "Disagreeing is not the same thing as trolling." (set 28 days ago)
 
Location: Texas
9,904 posts, read 3,765,276 times
Reputation: 20140
Quote:
Originally Posted by BigCityDreamer View Post
Some people win the lottery but they never figure out how to manage their money. .
Big myth about lottery winners. I used to believe that one, too. The fact is that when people win these state lotteries, they are vulnerable to crooks, users, con men coming out of the woodwork to take their money away from them; that's because, unlike other wealthy people, they can't keep the amount of money they have private. Lottery winnings are posted publicly.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top